Capital B’s €21 million Bitcoin raise faces significant warrant dilution risk

Bitcoin treasury firm Capital B announced a private placement of 36,219,070 shares at €0.58 per unit, aiming to raise €21.01 million (≈€19.9 million after fees). The proceeds are intended to fund the purchase of an additional 270 BTC, increasing its treasury from 3,145 BTC to a potential 3,415 BTC.

Immediate impact on Bitcoin‑per‑share ratio

Before the placement, Capital B reported roughly 7.4725 BTC per million diluted shares. After the new shares are issued, the diluted share count would rise to 457,096,891, resulting in about 7.4711 BTC per million shares – a negligible decline of 0.02 %.

Warrant structure and dilution scenario

Each new share carries four warrants exercisable at €0.75, €0.98 and €1.27. Full exercise of these warrants would create an additional 144,876,280 shares and generate roughly €135.82 million. If no further Bitcoin is purchased with that cash, the 3,415 BTC would be spread across 601,973,171 diluted shares, lowering the Bitcoin‑per‑million‑share metric to about 5.6730 BTC – a 24.1 % reduction from the pre‑placement level.

Effect on existing shareholders

An investor holding 1 % of the company before the placement would see their ownership fall to 0.9 % on the ordinary post‑placement basis and to 0.72 % on the diluted basis if they do not participate. Full warrant exercise would further reduce these stakes to 0.65 % and 0.55 % respectively.

Broader financing capacity

Capital B’s shareholders have previously authorized extensive financing options, including up to €5 billion of capital increases and €100 billion of credit facilities. The current placement is a priced example that matches the immediate Bitcoin purchase to the share expansion, while the attached warrants determine longer‑term dilution outcomes.